CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Interest income:
Loans	$ 29,843	$ 29,174	$ 89,414	$ 94,734
Total interest income	71,121	58,575	202,045	176,634
Total interest expense	39,412	33,526	114,105	106,360
Net interest income	31,709	25,049	87,940	70,274
Release of/(provision for) loan losses	349	(412)	(1,092)	(1,392)
Net interest income after release of/(provision for) loan losses	32,058	24,637	86,848	68,882
Non-interest loss:
Guarantee and commitment fees	6,148	5,977	18,855	17,606
Losses on financial derivatives	(68,567)	(6,864)	(82,368)	(28,508)
(Losses)/gains on trading assets	(3,633)	(1,722)	(354)	6,703
Gains on sale of available-for-sale investment securities	74	24	269	264
(Losses)/gains on sale of real estate owned	(4)	0	720	0
Lower of cost or fair value adjustment on loans held for sale	9,851	(906)	8,887	(3,090)
Other income	726	140	5,748	1,180
Non-interest loss	(55,405)	(3,351)	(48,243)	(5,845)
Non-interest expense:
Compensation and employee benefits	4,805	4,501	13,968	11,919
General and administrative	2,505	1,775	7,417	6,329
Regulatory fees	550	568	1,714	1,693
Real estate owned operating costs, net	142	1,189	741	1,497
(Release of)/provision for losses	(452)	105	(3,321)	1,680
Other expense	0	0	900	0
Non-interest expense	7,550	8,138	21,419	23,118
(Loss)/income before income taxes	(30,897)	13,148	17,186	39,919
Income tax (benefit)/expense	(14,131)	885	(2,075)	5,977
Net (loss)/income	(16,766)	12,263	19,261	33,942
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,547)	(5,546)	(16,641)	(15,160)
Net (loss)/income attributable to Farmer Mac	(22,313)	6,717	2,620	18,782
Preferred stock dividends	(719)	(720)	(2,159)	(3,410)
Loss on retirement of preferred stock	0	0	0	(5,784)
Net (loss)/income attributable to common stockholders	(23,032)	5,997	461	9,588
(Loss)/earnings per common share and dividends:
Basic (loss)/earnings per common share	$ (2.22)	$ 0.58	$ 0.04	$ 0.94
Diluted (loss)/earnings per common share	$ (2.22)	$ 0.56	$ 0.04	$ 0.91
Common stock dividends per common share	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Investments and Cash Equivalents
Interest income:
Interest and dividend income, securities	6,880	6,430	21,100	19,303
Farmer Mac and USDA Guaranteed Securities
Interest income:
Interest and dividend income, securities	$ 34,398	$ 22,971	$ 91,531	$ 62,597